All Forum Posts by: Nathan Helm

got it, thanks, Paul! Sounds like I'll have to go with the creative finance route. Unless I want to work for to years and delay getting started into real estate. JK! that's not happening 

Thanks for the response, Damian. I will definitely look into that... Do you think I can get an FHA 203(k) with my low/spotty self-employed income?

Hello BP community, I am in the works of buying my first investment property (owner-occupied house-hack). I just talked to my first mortgage broker and he is wanting me to set up an LLC so that he can have the docs in order for him to give me a pre-qual letter. Starting out, I didn't think forming an LLC would be necessary, especially since I don't have much wealth to protect or equity in the property. What do you guys think? Is this a common request from mortgage brokers? If so, why?

Also, on the same subject, this broker is wanting to set me up with a "construction loan" which will last as long as 6 months at 10% plus interest. I would then refinance after the construction. BRRRRRRR...Sounds like hard money to me which I know can be high risk especially for my first deal, but what other options do I have? I have a chunky down pay and good credit but scattered self-employed income since I'm a student.

Thanks @Chad Rocke ! I apreciate the feedback. I'll get to it!

Does anyone happen to know of any meetups that are still being held in OKC or close to? I am hungry to expand my knowledge, network and to bring some sort of value to others. I am experiencing massive amounts of gravitational pull as I try to launch my real estate venture into the atmosphere. Being 19 years old and having friends who are just now graduating high school it is easy for me to make excuses for not starting, but in reality, I have been saving a large pool of money for the past two years and reading lots of books on real estate. I also have a lot of construction experience, which I know will go a long way. I know that surrounding myself with investors who are out there getting it done will inspire and show me what it really takes to get started.